. The progress of the Empire State a work devoted to the historical, financial, industrial, and literary development of New York. began the decline in the price of pigiron, which was not checked until from $ per ton,it had fallen by successive stages to $ in , the profits of the Steel Corporation declined,the price of its common stock fell from 397/8 to 10, andthat of the preferred shares from 89^4 to 49^, and in theautumn it became necessary to suspend the dividend onthe common stock. Other industrial shares suffered inlike proportion, and at times during the summ
. The progress of the Empire State a work devoted to the historical, financial, industrial, and literary development of New York. began the decline in the price of pigiron, which was not checked until from $ per ton,it had fallen by successive stages to $ in , the profits of the Steel Corporation declined,the price of its common stock fell from 397/8 to 10, andthat of the preferred shares from 89^4 to 49^, and in theautumn it became necessary to suspend the dividend onthe common stock. Other industrial shares suffered inlike proportion, and at times during the summer of 1903grave results were feared for the entire market. The fallin quotations for iron was due in large measure to therestriction of orders by the railways, which were influencedprimarily not by the decline of business, but by the scarcityof capital. When it was found that bonds issued at lowrates for long terms of years could not be sold to advantage,recourse was had in many cases to notes, running for onlytwo or three years, and paying, over these short periods,a much higher rate of interest than bonds. A large volume.
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Keywords: ., bookcentury1900, bookdecade1910, bookidprogressofem, bookyear1913
